Ball and Roller Bearings Market Size, Share, Growth, and Industry Analysis, By Type (Ball Bearings and Roller Bearings), By Downstream Industry (Automotive, Agriculture, Electrical, Mining & Construction, Railway & Aerospace and Others) and Regional Forecast to 2032

Updated On: 02 September 2024

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BALL AND ROLLER BEARINGS MARKET REPORT OVERVIEW

The global Ball and Roller Bearings Market Size was USD 1.174 billion in 2023 and the market is projected to touch USD 2.53 billion by 2032, exhibiting a CAGR of 7.98% during the forecast period.

Two types of bearings are used in many types of equipment to minimize this contact stress which is accountable for movement friction as well as transform it to rotation and these bearings include the ball bearings and roller bearings. Ball bearings are classified as the type of rolling bearings that utilize balls as rolling bearing elements and are located between an internal and an outer ring. This kind of design makes the ball bearings have minimized contact areas with the load due to their nature of suitability in high-speed and low-load operations. The ball bearing type of bearing is used more often due to the low friction it provides and it is used in electric motors, gearboxes, instruments and micro motors. These are ideal in those applications that need them to be always operating at high speeds and that reason makes them popular due to the performance they offer.

However, in roller bearings, the construction consists of cylindrical, taper or spherical rolling elements, which are called rollers in contact with the inner as well as outer race. This provides a larger contacting surface; Roller bearings can therefore support and bear higher radial load as compared to ball bearings and thus can handle high loadings. Although roller bearings can cope with moderate velocities, they do not offer the same high velocity as ball bearings. Roller bearings are commonly used in big machines, automobile instruments and machinery, where maximum load-bearing capacity is required. In other words, the choice between ball or roller bearings depends on the necessity specific to the machinery in question. However, it is widely recognized that ball bearings are superior because of their capabilities for usage in high-speed low-load equipment compared to roller bearings, the latter is more appropriate for moderate speed with heavy-load equipment.

COVID-19 Impact: Pandemic hit end-user markets with a demand shock and lessening revenue opportunities for manufacturers

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.

The pandemic resulted in a significant decrease in demand within almost every important market that uses ball and roller bearings. The implication was the first half of the year 2020 diminished revenues as experienced by most of the manufacturers. Held back by reduced economic activity as supply chains, factories and car makers pivoted to focus on essentials and the crisis’ impact on automotive, aerospace and manufacturing sectors also played a role here. Therefore, the pandemic affected manufacturers’ economic situation by decreasing the number of orders, halting projects and causing financial losses that forced them to work at an incomprehensible level within the pandemic's frame.

LATEST TRENDS

New digitalization and smart technologies incorporated in bearings are driving the market forward

The adoption of the improved dynamics of digitalization and smart technologies integrated into bearings is notably driving the growth of this market. A growing application area of ball bearings is seen with the ongoing digitalization of key processes and wireless solutions across different industry verticals. Bearings are digitalized by capturing the status of the lubricant system and the vibration signatures of the bearings, with the results used proactively to handle emergent problems. The adaptability of the sensors has contributed to the origin of smart bearings and for industrial use, they can measure direction, speed, temperature and vibration. Furthermore, real-time monitoring with IoT and AI can be used for determining the state of bearings in real-time. Other technical advantages also affect it positively since electric vehicle bearings are noted to be of superior technology as compared to internal combustion engine vehicles, which improves efficiency and durability.

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BALL AND ROLLER BEARINGS MARKET SEGMENTATION

By Type

Based on type the global market can be categorized into Ball Bearings and Roller Bearings.

Ball Bearings: Ball bearings are highly preferred across different sectors due to their torrid nature. They comprise spherical rolling elements often referred to as balls running between the inner and outer race which gives them a capacity to manage light to moderate load requirements. The low friction, compact structure and ability to operate at high throughput make them a key component in the production of automobiles, aerospace technology and industrial machinery where they are used in electric motors, gear and other precision instruments.

Roller Bearings: Roller bearings are ideal for large radial loads provided that they possess cylindrical, tapered, spherical or needle-shaped rollers that are located between an inner and outer race. They are for instance used where high endurance to shock loads and vibrations is deemed necessary and this includes automotive industries, civil engineering and construction equipment, mining equipment and aeroplanes amongst others. Roller bearings are crucial in robust transport systems, manufacturing equipment, windmills and aeroplane motors since durability and strength to bear loads are crucial.

By Downstream Industry

Based on downstream industry the global market can be categorized into Automotive, Agriculture, Electrical, Mining & Construction, Railway & Aerospace and Others.

Automotive: Automotive is a major application segment with more than one-third of the market and this segment continues to grow because most vehicles require ball and roller bearings. Bearing is being utilized by most automobile manufacturers in their parts including engines, transmission systems, wheels and suspension systems. Main automobile manufacturers of vehicles are now requiring customized and high-performance bearings as a vehicle needs to evolve to include electric and hybrid models.

Agriculture: Ball and roller bearings are extensively used in the agricultural industry with tractors, harvesters and irrigation, which form a part of the agricultural sector. In these applications, the bearings must perform in hot or cold environments, in high or low elevated areas, where loads and vibration are common phenomena. Agriculture applications are driving manufacturers to design bearings that can offer better performance and longer life in that environment.

Electrical: Ball and roller bearings are widely used and utilized within motors, generators and industrial automation equipment. These bearings are used for high speed and low friction where maintenance is less of an important factor due to application in electrical equipment. The increased electrical industry demands current manufacturers to design bearings that primarily provide enhanced lubricating capabilities, noise abatement and corrosion resistance.

Mining & Construction: Ball and roller bearings are also used in mines which are associated with extreme levels of application in mining and construction industries and large machinery including excavators, crushers and drilling plants. Such bearings should be strong, they should be able industries and they should also be able to withstand vibration and shock which is evident in such industries. These industries are continuing to invest in more reliable and durable bearings for their application from manufacturers.

Railway & Aerospace: Rail and aerospace industries are regarded as the main clients of ball and roller bearings as they constitute parts of train axles, aircraft engines and landing gears. These industries therefore need high-performance, lightweight and accurately manufactured bearings to ensure safe operation. Manufacturers are collaborating with railway and aerospace companies to develop customized bearing solutions that meet stringent safety and reliability standards.

Others: Ball and roller bearings serve a wide array of downstream industries beyond automotive and aerospace. They are essential in medical equipment requiring hygiene compliance, food processing machinery needing resistance to harsh conditions and household appliances such as washing machines. Moreover, they support renewable energy applications such as wind turbines and find use across general industrial machinery for reliable performance in conveyors and pumps.   

DRIVING FACTORS

Demand for lightweight and compact design bearings to propel the market

The need for light and small bearings is propelling the global ball and roller bearings market growth by increasing the need to minimize the overall weight and improve efficiency in various applications such as wind turbines and electrical vehicles (EV). These components help achieve efficient and high-performing energy systems by reducing rotational mass and energy loss through friction in these systems. These down-weighted bearings also assist the designers in minimizing the load on the turbine structure as well as improving the aerodynamic performance of the wind turbines for improved power output. Also, in EVs, small bearings play an important role in ways such as minimizing the mass of the vehicles, increasing the life of batteries and enhancing the driving range of an electric vehicle. This demand is further heightened by the concerns for sustainability and energy which every ounce of lightness and every increment in efficiency corresponds to enhanced operations and a reduction in the impact on the environment. Therefore, manufacturers are paying a significant amount of attention to the creation of new materials and structures to provide fulfilment of the current demands for light and small bearings.

Increase in usage of hybrid bearings with ceramic rolling elements to expand the market

New and improved ball and roller bearings include the development of hybrid bearings containing ceramic rolling elements and smart bearings equipped with sensors due to the advancement in technology. Ceramic hybrids utilize the steel races but the ceramic balls are lightweight, an electric insulator and have a lower friction coefficient than steel, allowing the bearing to handle higher speeds with better durability. Such characteristics make hybrid bearings suitable for high performance ranging from aerospace manufacturing to vehicular manufacturing industries. Moreover, an intelligent bearing with the incorporation of sensors means direct measurement of essential tags such as temperature, vibration and lubrication status in real-time. This capability helps in effective planning, thus enhancing prediction of when equipment will require the services of specialists, hence less downtime and longer equipment life. These innovations go beyond improving the machinery's performance and reliability while, more importantly, leading to major cost reduction, advanced bearings are thus even more appealing to a broader range of industrial segments.

RESTRAINING FACTORS

Irregular and dependability effects disrupt the flow and supply in end-use industries to slow down the market

Fluctuations in the availability and reliability of ball and roller bearings remain critical factors that affect production in end-use industries such as automotive and aerospace, which slow market growth. These industries require constant operations and the use of high-quality bearings is critical to the process, with downtime being expensive. However, supply instabilities can make production time-consuming and reliability problems can lead to equipment failures, which can hinder the process and endanger lives. Such disruptions not only impact the given manufacturing schedule but also increase the costs of maintenance and decrease economic performance. Solving these challenges calls for resilient supply chain management and the creation of new high-endurance bearings that are capable of providing a continuous and efficient function in these sensitive industries.

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BALL AND ROLLER BEARINGS MARKET REGIONAL INSIGHTS

The market is primarily segregated into Europe, Latin America, Asia Pacific, North America, and Middle East & Africa.

Asia Pacific holds a market mainly because of its increase in industrialization and infrastructure

The Asia Pacific region has experienced tremendous growth in the manufacturing and construction industries due to increased industrialization and infrastructural development and this has, in turn, dominated the demand for the global ball and roller bearings market share across the various sectors. Due to the steady economic recovery and rapid urbanization in the countries of Asia Pacific, the demand for machinery and equipment with ball and roller bearings with guaranteed reliability and high indicators will only increase. These bearings are used in many sectors and industries including industrial & construction equipment, automotive parts, power plants and equipment. Growth in manufacturing industries and facility constructions and development for industrial applications utilize precise and efficient machinery which demands proficient operation through bearings hence the market demand. Also, the expansion of the electric vehicle market as well as renewable energy projects based in the region add pressure on other advanced bearing technologies to meet the efficiency levels required by electric vehicles and renewable energy sectors.

KEY INDUSTRY PLAYERS

Key industry players develop customized and application-specific solutions for market expansion

Key industry players of ball and roller bearings are increasingly becoming more involved with end-user manufacturers particularly in the automotive industry to provide more specialized products and services. This partnership entails the design of bearings suitable for the challenging requirements of electric vehicles, industrial robotic systems and renewable energy technologies. For the EVs, the bearings are specifically designed to improve efficiency, reliability and durability under the demanding conditions of the electric drive train and varying temperatures. Industrial bearings are usually designed to enhance their operational accuracy and minimize maintenance needs to serve assembly lines, robotic arms, conveyor systems and other automation frameworks. In the renewable energy industry, bearings can be used to handle extreme conditions in wind power and photovoltaic systems to achieve higher durability and performance. When it comes to customization, bearing manufacturers not only satisfy various technical demands but also stimulate further advancements, promote more environmentally friendly solutions and contribute to the improvement of the industry’s performance as a whole.

List of Market Players Profiled

• JTEKT Corporation (Japan)
• NTN Corporation (Japan)
• HKT Bearings Ltd. (South Korea)
• Harbin Bearing Manufacturing Co., Ltd. (China)
• RHP Bearings (U.K.)
• Brammer PLC (U.K.)
• SKF Corporation (Sweden)
• Schaeffler Group (Germany)
• NBI Bearings Europe (Spain)
• NSK Global (U.S.)
• The Timken Company (U.S.)
• RBC Bearings Inc. (U.S.)
• Rexnord Corporation (U.S.)

INDUSTRIAL DEVELOPMENT

June 2024: NBI Bearings Europe has launched the Enhanced E+ line, introducing a new series of super-precision cylindrical roller bearings, NN. Developed through collaboration across application engineering, product development, quality assurance, and manufacturing teams, these bearings feature tight dimensional and geometrical tolerances with class “SP” precision. They offer low operating temperatures, high rolling accuracy, and high rigidity to enhance wear resistance, expanding NBI’s product range.

REPORT COVERAGE

The study encompasses a comprehensive SWOT analysis and provides insights into future developments within the market. It examines various factors that contribute to the growth of the market, exploring a wide range of market categories and potential applications that may impact its trajectory in the coming years. The analysis takes into account both current trends and historical turning points, providing a holistic understanding of the market's components and identifying potential areas for growth.

The research report delves into market segmentation, utilizing both qualitative and quantitative research methods to provide a thorough analysis. It also evaluates the impact of financial and strategic perspectives on the market. Furthermore, the report presents national and regional assessments, considering the dominant forces of supply and demand that influence market growth. The competitive landscape is meticulously detailed, including market shares of significant competitors. The report incorporates novel research methodologies and player strategies tailored for the anticipated timeframe. Overall, it offers valuable and comprehensive insights into the market dynamics in a formal and easily understandable manner.